Core Viewpoint - The IPO market is experiencing a trend of reduced fundraising amounts, with over 40% of companies significantly lowering their initial fundraising plans since the normalization of IPO reviews last year [1][2]. Group 1: Fundraising Trends - Companies are increasingly opting to cut supplementary liquidity funding, with 38 out of 44 companies that reduced their fundraising plans initially including such provisions [3]. - The average reduction in fundraising amounts for companies that adjusted their plans is over 20%, with the maximum reduction reaching 49% [2][4]. - Notably, no companies have increased their fundraising amounts during this period [2]. Group 2: Regulatory Impact - The tightening of regulatory policies, including the introduction of the new "National Nine Articles," has led to stricter IPO fundraising review standards, particularly targeting issues like excessive fundraising and high proportions of supplementary liquidity [4][5]. - The China Securities Regulatory Commission (CSRC) has emphasized the necessity of justifying the need for new capacity and the rationality of fundraising plans, which has become a critical aspect of the IPO review process [6][7]. Group 3: Fund Allocation Strategies - Companies are adopting various strategies to adjust their fundraising plans, including eliminating supplementary liquidity projects, reducing non-core project funding, and making proportional adjustments across all projects [3]. - The focus is shifting towards ensuring that funds are allocated to core business areas, enhancing the efficiency of capital utilization [8][9]. Group 4: Market Dynamics - The current trend of reduced fundraising is seen as a response to previous issues in the market, where funds were often misallocated or underutilized [5][8]. - The regulatory environment is pushing companies to align their fundraising strategies with actual business needs, fostering a more efficient allocation of resources within the economy [8][9].